March 20, 2013 / 4:31 PM / 5 years ago

Fitch to review UK rating on latest budget announcement

NEW YORK, March 20 (Reuters) - Fitch will formally review the British sovereign rating this year, taking into account the country’s most recent budget announcement that was made on Wednesday, the rating agency said.

Fitch currently rates the country AAA but with a negative outlook.

“In line with our guidance after the autumn statement, Fitch will conduct a formal review of the UK rating in 2013 incorporating detailed analysis of today’s budget announcement,” Fitch said in a statement.

British finance minister George Osborne earlier on Wednesday turned to the Bank of England to do more to help spur the country’s stagnant economy as he announced a halving of this year’s growth forecast.

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